The Chairman of Riyad Bank, Mr. Rashed Abdulaziz Al-Rashed, announced that the Bank recorded a Net Profit of SR 924 million for the first half of 2004, an increase of 5.6% compared to the same period last year.
The Bank recorded a Total Operating Income of SR 1,663 million. The Fees from Banking Services achieved SR 302 million, an increase of 37% over the same period last year of SR 221 million. Net Special Commission Income increased 9.3% reaching SR 1,187 million, compared to SR 1,086 million for the same period last year.
Al-Rashed pointed out that the Bank, through its continuous efforts to satisfy customer needs, has expanded considerably in lending activities to meet the demanding growth in the economy. The Loans and Advances Portfolio recorded a growth of 19.5% at the end of the first half 2004, to reach SR 30,533 million. At the same time, the Bank maintained the quality of the Loans Portfolio by applying up to date credit assessment methodologies and risk management.
Al-Rashed said that the Bank recorded a growth of 8% in total deposits reaching SR 46,338 million, compared to SR 42,868 million for the same period last year, which reflects the quality and the advanced level of services the bank is keen to provide to customers, by offering variety of competitive products that satisfy their needs. (menareport.com)
© 2004 Mena Report (www.menareport.com)
